Business Context and Reporting Period
Company: Medallion Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: August 5, 2016
Event: Update on the Company's stock repurchase program under Item 8.01 (Other Events).
Key Financial Metrics
This filing reports specific transaction data regarding share repurchases rather than comprehensive financial statements (revenue, profit, or cash flow).
- Shares Purchased (Aug 5, 2016): 21,587 shares
- Cost of Purchase (Aug 5, 2016): $136,136
- Average Price per Share (Aug 5, 2016): $6.31 (inclusive of commissions)
- Remaining Authorization: $24,142,064 available under the current program
- Total Historical Repurchases (Since Nov 2003): 2,613,125 shares at a total cost of $23,319,673
- Historical Average Cost: $8.92 per share
Material Changes
The filing details the execution of the stock repurchase program authorized on July 28, 2015, which allowed for up to $26,000,000 in repurchases. On the reporting date, the Company purchased the maximum number of shares permitted for that day, reducing the remaining available authorization to approximately $24.14 million.
Guidance, Outlook, and Risks
The filing does not provide forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard disclosure of the repurchase activity. The text does not provide a clear value for revenue, profit, debt, or liquidity metrics.
Investor Verification Checklist
- Verify the remaining balance of the $26 million stock repurchase authorization ($24,142,064 as of Aug 5, 2016).
- Confirm the total number of shares repurchased historically (2,613,125) and the average cost basis ($8.92).
- Review subsequent filings to track the pace of remaining repurchases under the current program.
- Note that this 8-K does not contain quarterly or annual financial results; refer to 10-Q or 10-K filings for revenue and earnings data.